It has been trading within a narrow range of 1 to 1.5 sens for 7 consecutive trading days with 2 'doji' formation in the last two days. It appeared to me that it has reached the end of its sub-wave i.
Unless it can start to pull away from its current level with higher volume then my wave count will be slightly different.
Personally I feel that we need not worry about its short term price fluctuation. More important is whether the company's proposed corporate exercise can work out as planned to give Pworth a net profit of Rm100 million in the coming FY18. Pworth's net profit for its FY15 and FY16 were Rm2.38 million and Rm1.16 respectively.
According to its executive director Richard Koo, the Rm100 million will translate into earning per share of 10.89 sens. Click 'Pworth Rm100 million net profit' for the article published on 13 June 2017.
Looking at the16-year chart, there is no major resistance until it reaches the 48 sens level.
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